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Philipp Petkevitch pfp
Philipp Petkevitch
@petkevitch
What happened in the crypto industry last week (July 22-28)? 1/ On July 23, 2024, spot Ethereum-ETFs officially launched on the stock market. Trading volume in the sector reached $112 million in the first 15 minutes. The leader among the ETFs is the Grayscale Ethereum Trust (ETHE), with a trading volume of $39.7 million. https://x.com/EricBalchunas/status/1815489137484722333 https://x.com/EricBalchunas/status/1815747485505052950
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Philipp Petkevitch pfp
Philipp Petkevitch
@petkevitch
2/ The US House of Representatives supported the "Financial Technology Protection Act" (HR 2969) of 2023, aimed at developing measures to prevent the use of digital assets for illegal purposes, particularly for financing terrorism. https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409328
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Philipp Petkevitch
@petkevitch
3/ The UK's Financial Conduct Authority (FCA) fined a subsidiary of the crypto exchange Coinbase £3.5 million (approximately $4.5 million). The organization was accused of servicing high-risk clients. The sanctions affected CB Payments Limited, part of the Coinbase Group, which acts as a gateway to the platform. https://www.fca.org.uk/news/press-releases/fca-first-enforcement-action-against-firm-enabling-cryptoasset-trading
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Philipp Petkevitch
@petkevitch
4/ Wyoming Senator Cynthia Lummis announced a proposal to purchase 1 million BTC for the US balance sheet, accounting for 5% of the total asset supply, at the Bitcoin 2024 conference. https://www.lummis.senate.gov/press-releases/lummis-announces-revolutionary-proposal-to-supercharge-the-dollar-bolster-u-s-economy/
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Philipp Petkevitch
@petkevitch
5/ The SEC approved the launch of the Bitcoin Mini Trust by Grayscale on the NYSE Arca platform. For the final listing, the SEC must approve Form S-1. https://www.sec.gov/files/rules/sro/nysearca/2024/34-100610.pdf https://www.coindesk.com/business/2024/03/12/grayscale-plans-low-fee-gbtc-spinoff-the-bitcoin-mini-trust/
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Philipp Petkevitch
@petkevitch
6/ Coinbase filed a motion in court demanding that the SEC provide documents related to the regulator's lawsuit against the company, including SEC Chair Gary Gensler's personal correspondence since 2021. This is Coinbase's second attempt after the first was denied. https://x.com/iampaulgrewal/status/1815855349779542333 https://www.theblock.co/post/304949/ny-judge-rejects-coinbases-efforts-to-subpoena-sec-chair-gary-gensler-says-she-is-surprised-not-in-a-good-way?utm_source=telegram1&utm_medium=social
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Philipp Petkevitch
@petkevitch
7/ The Swiss Financial Market Supervisory Authority (FINMA) proposed new guidelines for stablecoin issuers, classifying them as financial intermediaries to mitigate increased risks related to money laundering, terrorism financing, and sanctions evasion. https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A
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Philipp Petkevitch
@petkevitch
8/ The EU's police agency published the latest "Internet Organized Crime Threat Assessment (IOCTA)" report, noting that most illegal schemes involving cryptocurrencies are related to fraud and money laundering. https://www.europol.europa.eu/media-press/newsroom/news/fragmented-and-multiplied-cybercriminal-landscape-warns-new-europol-report
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Philipp Petkevitch
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9/ BitfFlyer Holdings completed the purchase of 100% of the Japanese division of the FTX exchange and announced the firm's relaunch under a new name. https://x.com/bitFlyer/status/1816700763932152230
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Philipp Petkevitch
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10/ Starting July 24, 2024, the Australian division of international bank HSBC will block transactions to cryptocurrency exchanges. https://x.com/CardanoShark/status/1816024234084192718
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